First Time Homebuyer Tax Credit
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Posted on | November 17, 2009 | No Comments
You must purchase the home by December 1, 2009 to be eligible. The purchase date is the closing date. Negotiating a price on a home and awaiting approval from your bank can take time. Make sure to begin your home search ahead of time to ensure you will qualify for the deduction.
Are you considered a first time home buyer? If you have not owned a principle residence in the three past years, the federal government considers you a ‘first time home buyer’. If married, both you and your partner must not have owned a primary residence in the past three years.
You can claim 10% of the purchase price, up to $8,000. Therefore, any home purchased for less than $80,000 will receive a reduced tax credit. In addition, to qualify, your adjusted gross income cannot exceed $75,000 ($150,000 for joint filers).
It does not have to be paid back. Assuming you meet all requirements and qualify for the deduction, the money is yours. It is truly an $8,000 gift to you from the federal government. Take advantage!
It must remain as your primary home for at least 36 months following the purchase. This tax credit is intended for new homeowners who plan to live in their home for at least three years. You may not convert the home to a rental property or sell it within this time without being required to pay the $8,000 back.
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By: Trademark Property Investments
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Tags: First Time Home Buyer Tax Credit > Home Today > New Homeowners > Tampa Florida > Time Home Buyer
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